Everything is improving at L'Oreal. The activity is accelerating in its four divisions – professional products, consumer, luxury, and active cosmetics – and in all regions of the world. Operating income rose twice as fast as the turnover and can find a record level of margin, and net profit falls sharply increase.

In detail, while turnover rose 6.3% to 9.67 billion euros in the first half of 2010 – a 13% growth in the Asia-Pacific – the Operating profit climbed 21.4% over the first six months of 2009, to 1.67 billion euros. The operating margin amounted to 17.3% as well. This is well beyond what the consensus expected, with a margin of 15.4% referred. And allowing it to regain its peak level reached in the first half of 2008.In the public sector, the margin rises to 20.4% while in the luxury, it is 28%.

In this context, the net profit of L'Oreal rises 21.2% to 1.316 billion euros. Per share, net income amounted to 2.39 euros, an increase of 15.3%.

Note also that the net debt stood at 1.67 billion euros at June 30, 2010, and is thus reduced from 300 million euros compared to late 2009.The debt ratio amounted to 11.7% of equity.

DG confident

Commenting on these figures, Jean-Paul Agon, CEO of L'Oreal, welcomes the group's strategic choice: "focus on innovations with high value added and affordable price, expansion into new product categories, accelerating the international expansion and investment in proactive ways advertising and promotion and research. "

"These findings fall within the virtuous spiral of growth of the group and confirm the vitality of the business model L'Oreal," he added.

A stock market as attractive

The L'Oréal closed Wednesday at 75.77 euros on the Paris Stock Exchange, posting a decline of 2.9% since the beginning of the year, while the index diversified European consumer goods ahead of 10 5% over the period.At this price level, the Group's market capitalization stood at 45.2 billion euros.

The value of trades on valuation multiples of about 17.5 times its earnings estimates by analysts for 2011, well below the average for the last five years (24.5 times) but considerably higher than the 14.7 overall average in the sector. The chifrfes indicating that L'Oreal shares are not expensive in terms of its performance. Natixis Securities aims, for example 97 euros for a potential increase in value by 28%.

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Wage discrimination between men and women has been the subject of numerous reports. That between heterosexuals and homosexuals had never been studied. Until today. Two economists from the University of Evry have considered this matter and found a gap of 6.5% on average in the private sector and 5.5% year on public Liberation reported Saturday. A result based on a sample of 904 cases.

This difference was found "all things being equal", the newspaper said, that is to say, qualifications and duties equal, in businesses of similar size, etc.. "After dismissing all the biases that could distort the results, we arrive at a pay gap is said unexplained", explains Thierry Laurent, co-authored the study with Ferhat Mihoubi. Only males are affected by this discrimination. The lesbians do not suffer any apparent loss of wages "unexplained".

This discrimination does not affect all gays with the same force. The less educated and the young could be less discriminated against, while the widening gap with the qualifications and experience. As a percentage of the "visibility" of an employee within the company, analyze the two economists. The young staff are more secure, with little "visible" for competitive examination.

"Marriage premium"

The results of the study are close to the observed differences in wages abroad, but it must include "marriage premium" observed in France. A married man will win because on average 4% more than a single. Homosexuals can not have access to marriage, they are doubly penalized.In the U.S., according to a study published in October 2007 and based on the study of 91,000 cases, a gay employee earns an average 23% less than heterosexual married counterparts.

In France, these wage differentials are explained, the two authors argue, by homophobia. "A CSA poll conducted in March 2009, said Liberation, revealed that 28% of private sector employees do not feel" very comfortable "with the fact that their colleague is gay.

The Dow Jones has evolved in the red throughout the session Friday in a trading day lendeamin déhjà very heckled.

After biting the nose in the first hour of trading, the benchmark index of Wall Street still has erased much of its losses. At closing, it fell by 0.56% to 10,213.62 points. The S & P 500 fold, from 0.37% to its 1071.69 points. While the Nasdaq managed to regain the green, scrounge 0.04% to 2179.76 points.

U.S. stocks have relapsed this week, especially Thursday and Friday amid renewed fears of further slowdown in activity, even recession.

"There is an internal struggle within the market right now, between the flow of economic indicators is rather disappointing for 48 hours and the balancing force that represents the multiplication of impressive announcements of mergers and acquisitions," noted Craig Peckham, Jefferies ."The market tries to anticipate a downward revision to corporate profits, which has not yet taken place, added the analyst.

Thursday night the U.S. stock markets were sharply accused the coup after the publication of bad numbers, especially on the employment front. In fact, new listings weekly unemployment rose by 12,000 for up to 500,000, while economists had forecast a drop instead. This setback has undermined all European stock exchanges, down nearly 2% on Thursday evening. The stock, Wall Street head, are more worried about the U.S. recovery is becoming increasingly threatened, yesterday, two other macroeconomic indicators have further disappointing disappointment consecutive ill-digit unemployment in the industrial activity Philadelphia region has not improved as the markets would have liked.The composite index of leading indicators the Conference Board is certainly left in timid increase, but suggests "a very slow recovery until the end of the year."

The earnings season gives way to mergers and acquisitions …

On the corporate side, while all the companies in the Dow Jones have now released their quarterly earnings, mergers and acquisitions also certainly inspire markets.But if they reassure investors about the health of businesses able to play cash on the table, they can not counter the extreme distrust aroused by signs of a growing number of weak U.S. recovery.

GAP (2.48% to 18.15 dollars) is reaping the fruits of this Friday's announcement the day before the quarterly earnings above expectations, thanks to the rebound in sales recorded by its brands Banana Republic and Old Navy.

PT (-0.86% to 40.42 dollars) and Dell (0.11% to 12.05 dollars) will be closed on the ball quarterly results.HP has shone with a quarterly profit up 6%, and Dell has not been left behind, with sales and earnings above expectations for the second quarter and expects a continued recovery in demand professionals for PCs in the coming quarters.

The world leader in microprocessors, Intel, announced on Thursday that he offered the world's number two computer security, Mc Afee (-0.07% after 57% yesterday), $ 7.6 billion .

While the hostile bid from BHP Billiton (-0.97% to 66.70 U.S. dollars) Potash (-0.75% to 147.72 dollars) continues to make waves on the Stock Exchange (Fitch Ratings has put on hold BHP Billiton), the offensive yesterday from Dell, the German publisher of software Wirecard rose Friday on the Frankfurt Stock Exchange after the entry by traders of a possible interest of Visa for the company.The title Wirecard advanced 2.05% to 8.71 euros while the action Visa German Stock Exchange fell by 0.35% to 55.69 euros. Visa back on Friday from 0.39% to 71.35 dollars.

Boeing (-0.59% to 64.24 dollars). The United States announced Thursday that they were using, like the European Union a month earlier, the ruling in June by the World Trade Organization (WTO) in the dispute over public funding for the aircraft manufacturer Airbus. It was also learned that Thai Airways talks with Boeing and EADS for 30 aircraft

Aeroports de Paris (ADP) plans to renovate the terminal at Roissy and Orly airports and to begin to improve the quality of service. The group, which manages the airports of Roissy Charles de Gaulle, Orly and Le Bourget, has indeed signed on Monday the new terms of economic regulation (CRE) with the State for 2011-2015. This includes an investment program of nearly 1.8 billion euros "primarily oriented towards improving customer satisfaction, the operational efficiency and optimization of existing capacity" according to the contract.

At Roissy, ADP plans to completely renovate the terminal 2B to $ 90 million over the next five years to operate the satellite terminal 2E S4 in the third quarter of 2012. The renovation of a satellite terminal should also continue.

The group also wants to complete the connection between terminals 2A and 2C in the second quarter of 2012 and the terminal 2F adapt to accommodate a full traffic to and from the Schengen area. At Orly, the halls 3 and 4 should also be reconfigured by 2015.

Measuring the satisfaction of passengers

ADP focuses on "quality of service and improved customer satisfaction." Ten indicators are established to assess the satisfaction of passengers, including cleanliness, signage and information, but also the availability of equipment in the terminals.

Finally, EPA sets a maximum annual increase of airport charges at 1.38% above inflation.

The group has also confirmed a reduction of 2% per annum of its workforce between 2011 and 2015.

Around 14:30, as the EPA has one of the finest performances of the CAC 40: it rose from 4.40% to 56.47 euros on a market down by 0.39%.

More and more voices against the euro. Most recently, the CEO of Maurel and Prom and former banker has lambasted the single currency in an interview with La Tribune. Jean-Francois Henin does not beat around the bush, he said "Europe is dying by inches of its single currency.

The officer believes that Europe will not end the crisis without a significant depreciation of its currency. The skipper and evokes "a level of parity of 0.6 to the dollar" before adding "not the European Central Bank will not accept it." In fact, the latter expressed doubts about the fact that the euro can survive the crisis "which is just beginning," he said free 3-in-1 credit report.

Redeployment of "onshore"

Regarding the consequences of the spill, the leader of the French oil major said the companies are counting on a redeployment of oil production on land at the expense of offshore in the Gulf of Mexico.

He suggested that no oil company is no longer able to "face the financial consequences of possible ecological damage. He said he expected consequences for production "in the years 2015/2020. "This should bring up to date the theory of" peak oil production ceiling, "said he.

Your money banks interested again. The financial crisis, coupled with new regulations "gave all the players in the taste of traditional trades, collection of savings and lending, far from the glitz and the pitfalls of corporate finance and investment .

Against this backdrop of growing competition that the group-BPCE about 20% of retail banking in France-muscle ambitions. "We want to win market share," insists Olivier Klein, CEO of commercial banking and insurance BPCE since 1 April.

For the first time, in fact, the group born of the merger of People's banks and savings banks in 2009 was appointed a pilot common to both networks. But out of the question specialize signs, Savings on individuals and Banques Populaires on SMEs and professionals.

"These are two strong brands that do not say the same thing. The client does not confuse them and he chooses, "says Olivier Klein. And he concluded: "The 20 Banques Populaires and Caisses d'Epargne 17 are competing with each other on their own territory. The synergies are generated upstream in the production subsidiaries of which are shared in information systems or purchasing, for example. "Conquest through major campaigns such as that recently launched on the Squirrel young.

Reflecting on times

However, it is to protect margins. "We have no strategy to lower mortgage rates or increase deposit rates in order to take market share.We are already very competitive, "says the former head of the Caisse d'Epargne Rhône-Alpes, relativize:" The rates are not determinative paydayloans. Customers want especially well taken care of them. "

For him, in fact, "the revolution is accelerating customer" with individuals and other professionals who want butter, eat it, too … and the smile of the banker.

Mesh agencies, remote access and advisor, the banks must offer everything. Hence, a meticulous adaptation BPCE the group boasts of having initiated all directions. "Some Savings reflected at their hand on schedule to deliver on time can make appointments later to better serve the needs of large cities," reports Olivier Klein.Meanwhile, "we launch all channels of distribution: the bank on mobile, ready to Savings, will be in September at the Banques Populaires. It adds "a lot of work ergonomics to facilitate online purchases, such as life insurance contracts. Some banks have created BPCE equivalent of bank branches 100% online. At the same time, the computer must be reviewed to allow salespeople to track customers realize that their operations remotely. All these facilities where other signs seem more advanced. Decentralization own mutual groups do not promote rapid implementations.

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The talks promise to be lively this weekend in Toronto, Canada. Indeed, at a time when opening the G8 summit followed the G20 this weekend, the participants have already stated their differences. The International Monetary Fund (IMF) published its "Ten Commandments" for developed countries to help them reduce their public deficits. The institution advocates the lower ratio of debt to gross domestic product (GDP) and the rapid adoption of reforms of pensions and health insurance, saying the current system "not viable". For its part, the World Bank puts the G20 in warning against a decline of international aid.According to her, "continued favorable investment growth in infrastructure and human capital in a context of declining tax revenues will be especially difficult if the current financial and economic causes a decline in international aid and increased competition for global savings collect ".

Tensions Europe-USA

Fiscal policy is most appropriate in this period of feverish economic recovery does not unanimous. Two camps. On the one hand, the United States continue to warn against their European counterparts the implementation of drastic measures to reduce deficits, negative effects in a context of slow growth recovery instant payday loans.On the other hand, Germany and the United Kingdom both advocate the establishment of strict policies and able to quickly reduce debt levels and thus avoid repeating the same scenario as in Greece. Already, the British Prime Minister David Cameron has claimed he wants to avoid making a single event in Toronto "salon where they cause". In an article published in the Globe and Mail, he called on participating countries to take action.

Burning issue of the yuan

And it's already done China. While the international community, particularly the United States, pushed for China values its currency, the country has lowered its reference rate of exchange to its lowest level in five years this morning, thus enhancing the value of the yuan against the dollar.The institute has decided on a central rate up 0.3% to 6.7896 yuan against the dollar.

In addition, banks expect to them, to have won a battle in convincing the Basel Committee to reduce the level of capital adequacy requirements. The regulatory measures affecting them shall be presented this weekend as part of the debate on global financial regulation.

Vibrant colors, relaxing rooms, the walls stickers selected by the employees or work surfaces enlarged. Opened on Thursday afternoon by St?phane Richard, CEO of Orange, the renovated building is now in March a call center staffed by some 500 employees. "This building demonstrates to me an important part of the company, which has gone through and continues to go through a deep crisis. Among the elements that we are up again, we noted the desire of employees to work in a nicer environment, "said the Director General before an audience of executives and elected officials. He added: "Our action plan includes several components. Some will give results quickly, but for others it will take more time.It is certain that in call centers, it will take several months to resolve certain problems. "

If the development of central Orange Avenue was considered there is more than a year, the social crisis has helped to initiate new tracks. Zen space with electric massage chairs has been installed. And icing on the cake, Wednesday and Friday, a Japanese massage specialist receives employees for sessions of 15 minutes of relaxation. But with a capacity of 16 appointments per week, the schedule of the practitioner is constantly full. "This is a test. If demand is constant, we increase the hours, "says Arnaud de Prin, director of sales activities of client services for the Great West.

3500 staff planned

Before the inauguration, St?phane Richard took care of receiving the local social partners."It recognizes that we're not out of the crisis is an important point," notes Dominique Leseigneur, Steward SOUTH. "Indeed, colleagues who now work here seem happy with their new premises, both conveniently located in the city and pleasant. However, two major points remain blocking: the hours and Saturday work, "he says.

Here, most people are working every other Saturday but found a small group that operates three Saturdays out of four. "The goal of our colleagues would reach a maximum of three on a Saturday," relays the steward. "We are a service company with the hours that go with it and it would be illusory to think that we can do otherwise," says the CEO. However, it leaves the door open: "We must think about work organization respects the balance of life for employees.In some cases it may be necessary to go through an increase in employment. "But the 3500 recruitments planned for 2010, its first since 1996, are designed to cope with attrition, the senior part-time and reintegration of some tasks.

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According to the Tribune, the leading global generic pharmaceutical, the Israeli Teva hopes to market within two years in the United States, a generic version, thus less expensive, Viagra.

Teva is already well established in the United States and if he manages to obtain permission from the Food and Drug Administration (FDA), the U.S. Food to sell a cheaper version of Viagra, it will compete with the giant American Pharmacy Pfizer, the original manufacturer of Viagra. This drug has generated a turnover of nearly two billion dollars in 2009.

The battle is not won

To delay the arrival of competitors, Pfizer has asked a U.S. court to extend its rights until 2019 on the blue pill.In addition, the U.S. puts pressure on the Israeli state, that it hinders the development of Teva fast cash online.

Thus, the U.S. will not hesitate to condition their support for Israel's integration in the OECD at the signing of agreements on the extension of pharmaceutical patent protection to further protect American businesses.

Teva has achieved a turnover of 13.9 billion dollars in 2009 and will probably continue to grow in America and Europe. The Israeli group has already acquired this year to 3.6 billion euros German Ratiopharm, the sixth largest producer of generic drugs worldwide, while Pfizer was in the running.On the French market, Teva hopes to become the third player Hex generics.

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The euro has hit a low last ten months amid European agreement for assistance from the International Monetary Fund (IMF) in Greece. In the early morning, the euro traded against less than $ 1.34 in London. The euro had recovered to around $ 1.38 last week, but the statements of German Chancellor Angela Merkel this weekend, hostile to European intervention in Greece, drove the currency earlier in the week.

Tuesday evening, the unofficial announcement of an agreement on French assistance from the IMF under a Greek rescue plan Wednesday morning precipitated the fall of the euro. "The emergence of the IMF sounds like an admission of weakness of the euro area, which does not seem able to run on her own problems," Nordine Naam analysis, currency strategist at Natixis."Suddenly the market was relocated to the sale."

These days, the euro could fall to $ 1.30, according to the strategist, according to news from Brussels. At three months, the currency could drop to $ 1.28 and stabilize around $ 1.30 by end of 2010.